James Murdoch Sells 18 Percent of Stake in 21st Century Fox

James Murdoch, deputy chief operating officer of 21st Century Fox, has sold about 18.5 percent of his stake in the company. The Wall Street Journalreports that the transaction was valued at $15 million. The sale was for 455,000 Class A shares, at an average of $32.97 per share.

News of the sale is interesting, if only because it comes about two weeks after 21st Century Fox reported first-quarter profits plummeted by 44 percent. However, a spokesperson for 21st Century Fox said young Murdoch sold the stake for “financial planning purposes.”